PayPal Expands Multi-year Deal With Uber

(RTTNews) - Digital payments major PayPal Holdings, Inc. (PYPL) announced on Tuesday that it has extended its multi-year relationship with Uber Technologies, Inc. (UBER), a technology based freight company.

Under the agreement terms, PayPal and Uber will continue to build on global card processing that is powered by PayPal Braintree. Uber will leverage PayPal Braintree platform in addition to conventional card processing.

As per PayPal this will enable Uber to expand its use of domestic debit network routing in several markets, including in the U.S. Uber can also leverage PayPal value-added services including PayPal Payouts in creating seamless experience for customers of Uber.

"The PayPal Braintree platform has been a focal point of the relationship, processing Uber's payments in nearly 200 countries and 50 currencies, enabling Uber to scale globally with limited complexity," the company said in a statement.

Additionally, Uber will extend its use of payouts with the PayPal Hyperwallet solution, launch combined incentives including UberOne, partner with PayPal on 3DS for advanced customer authentication.

PayPal and Uber have been working together from 2012 and throughout this time Uber has been using PayPal's portfolio of products and services.

Currently, shares of PayPal are trading at $62.67 up 1.18% on Nasdaq and Uber shares are trading at $48.60 down 0.69% on the New York Stock Exchange.